India, Oct. 7 -- Cryptocurrency market turned into a sea of red and Bitcoin dropped below $83 thousand amidst a massive liquidation cascade. The past 24 hours witnessed long positions being forcibly flushed out amidst a jump in bond yields, the dollar's rebound and an uptick in Fed rate hike expectations. Crypto markets also digested reports of BitMine Immersion Technologies announcing a cap on Ethereum purchases.
The aggregate liquidations during the 24-hour period stood at $696 million. Liquidation of long positions amounted to $644 million, while the liquidation of short positions amounted to $52 million only.
Lingering anxiety ahead of the release of minutes of the recent FOMC weighed on crypto market sentiment. Crypto markets also re...